Vous visualisez actuellement Belgique

Si cela est incorrect,

RÉGION

PAYS

Profil d'investisseur

White papers

WHAT’S NOT GOING TO CHANGE: BUSINESS MODEL STABILITY IN AN AGE OF DISRUPTION

COMGEST INVESTMENT TEAM - 01/05/2019

“I very frequently get the question: ‘What’s going to change in the next 10 years?’ And that is a very interesting question; it’s a very common one. I almost never get the question: ‘What’s not going to change in the next 10 years?’ And I submit to you that that second question is actually the more important of the two – because you can build a business strategy around the things that are stable in time.” – Jeff Bezos, Amazon.com CEO1

Investing in the Next Big Thing makes for a great story at a party. Not so for investing in businesses that resist change.

There’s another way to think about this conundrum, and that’s by turning the question on its head: Instead of asking what will change, think about what won’t change. We’re not alone in this approach. Warren Buffett said, “Our approach is very much profiting from lack of change rather than from change. With Wrigley chewing gum, it‘s the lack of change that appeals to me. I don‘t think it is going to be hurt by the Internet. That’s the kind of business I like.”3

At Comgest we like that kind of business too, and we also like that it seems most investors don’t think that way. Investing in the Next Big Thing makes for a great story at a party, but investing in businesses that resist change doesn’t. Our experience says that many investors get sucked in by the excitement of trying to forecast change, leaving those other opportunities for people like us.

Read the full article

This paper was originally published in 2018. This version was updated in May 2019 and has not been changed since publication.

 

1 https://www.goodreads.com/quotes/966699-i-very-frequently-get-the-question-what-s-going-to-change
2 See article published by online magazine PCWorld: https://www.pcworld.com/article/155984/worst_tech_predictions.html
3 Andrews, David. “The Oracle Speaks: Warren Buffett In His Own Words.” p. 68

Comgest

INFORMATION IMPORTANTE – INVESTISSEURS PROFESSIONNELS

La section suivante du site Internet est réservée aux investisseurs professionnels/aux investisseurs qualifiés, tels que définis par la directive 2014/65/UE sur les marchés d'instruments financiers ou tels que définis dans votre juridiction.  Avant d’accéder à ce site, vous devez lire et accepter les Conditions d’utilisation dudit site (y compris les politiques relatives à la confidentialité et aux cookies). Les pages suivantes du site Internet peuvent contenir des informations sur les fonds de Comgest. Les documents disponibles sur ce site ne doivent pas être transférés, transmis ou distribués (directement ou indirectement) dans une juridiction où la distribution des Fonds n'est pas autorisée.

Ce site n'est pas destiné aux citoyens ou résidents des États-Unis d'Amérique ou à tout « US person » tel que cette expression est définie par la « Regulation S » de la SEC en vertu de l’Act de 1933.

En cliquant sur « Accepter », je confirme avoir lu et accepté les Conditions d'utilisation de ce site Internet (y compris les Politiques relatives à la confidentialité et aux cookies) et que je suis un investisseur professionnel/qualifié tel que défini dans ma juridiction.

ou